Nuformix plc (LON:NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, has announced that the Company is to receive new immediate and near-term undisclosed milestone payments as part of an update to its NXP001 exclusive licensing agreement with Oxilio Ltd.
Under the revised agreement with, Oxilio will acquire ownership of Nuformix’s NXP001 patent estate, with Nuformix receiving the additional milestone payments referred to above, whilst retaining further development milestones and royalties capped at £2 million per year.
Commenting, Dr Dan Gooding, Executive Director of Nuformix, said: “Oxilio has a clear plan as to how NXP001 fits into their overall product development plan and we continue to fully support Oxilio in that process. The updated agreement has a dual benefit to Nuformix – we receive additional near-term cash payments, whilst discharging responsibility for future patent upkeep costs. The net positive impact on our cash position will better enable the Company to progress our core NXP002 and NXP004 programmes and respond to requests for additional data as we continue partnering interactions for these programmes.”
Nuformix Plc is a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing. The Company aims to use its expertise in discovering, developing and patenting novel drug forms, with improved physical properties, to develop new products in new indications that are, importantly, differentiated from the original (by way of dosage, delivery route or presentation), thus creating new and attractive commercial opportunities. Nuformix has a pipeline of preclinical assets with potential for significant value and early licensing opportunities.
